Jaiprakash Associates's Managing Director resigns
New Delhi: Beleaguered Jaiprakash Associates's Managing Director (Cement) Sunny Gaur has put in his papers. The board of directors of the company has accepted Gaur’s resignation.
Gaur resigned due to personal reasons, the company said in a regulatory filing.
Jaiprakash Group had sold off its cement plants to UltraTech Cement. In 2017, UltraTech Cement had even completed the Rs 16,189 crore acquisition of the cement factories. The Jaiprakash Group had sold off six cement plants and five grinding units with a total capacity of 21.2 million tonnes. The move by the Jaiprakash Group was aimed to reduce its debt.
The six factories are located in Satna in Madhya Pradesh.
Jaiprakash Group is embroiled in a number of litigation in various courts right now. There are heavy debts on the company which it is trying to reduce through various means.